Posted by Nate-WI on December 29, 2005 at 14:15:14:
I would try some small banks or credit unions to talk about a construction loan.
Nate-WI
Mobile Homes - Posted by Brandy McCarley
Posted by Brandy McCarley on December 29, 2005 at 13:54:03:
I am wanting to purchase some land in a rural community that is approximately $3000 and I want to buy a used mobile home. Do you have any suggestions as to how to obtain the fincancing for this project? I have never incested before. I have roughly $4000 saved, but I want to use OPM.
Re: Mobile Homes - Posted by opm
Posted by opm on December 30, 2005 at 12:23:25:
You could obtain owner financing on the land with maybe 20% down. This is fairly common on unimproved lots.
To really save money you could buy an old used single-wide mobile for very little cash or even get one for free (or for towing costs) from an owner who just wants to get rid of it. Fix it up yourself. You could also buy a used mobile with owner financing and move it from a park to your land. However, you first want to be sure that the land you purchase will permit the installation of single wide mobiles of a certain age or for that matter, doublewides.
You could pay for the development of the property (water, septic/sewer, power) with cash or perhaps you could get a signature loan from your bank. If you buy a mobile through a dealer they could provide you with financing (at fairly steep rates) that could include the home plus the improvements. You could also seek out mobile home financing on your own. Ask dealers/bankers/mortgage brokers for recommendations in your area and check the net. Newer doublewides on permanent foundations (incl the land) are the most easily financed.